Market Still Bullish But Over-Stretched, Profit Booking To Be Seen If Nifty Holds Below 18550

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Last Trading Session: Indian Stock Market opened positive for the day. EquityPandit predicted that Indian Stock Market is still strong and traders can initiate fresh short positions only if Nifty closes below 18101 but until then traders can continue to hold long positions in the market. EquityPandit also predicted that Nifty has formed an Ascending Triangle and next logical target for Nifty would be 18500 and exactly the same happened. Indian Stock Market moved sharply positive and achieved EquityPandit’s predicted targets for Nifty. Traders who followed EquityPandit’s advice might have earned huge profits for the day. Finally, Indian Stock Market closed gap positive for the day.

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Today: Indian Stock Market will open positive. Technically, the Indian Stock Market is still in a positive zone. Analysis would remain the same and the market is over-stretched for now. We can see some consolidation cum profit booking soon in the market. The Nifty rose with big gaps between daily candles and some correction can’t be ruled out. Traders should trade cautiously for now. Once the Nifty trade above 18550, then we may see further positive momentum but until then we may see profit booking in the market. Market would enter into the negative zone only if it closes below 18297 for Nifty and 39231 levels for BankNifty and if that happens then traders can initiate fresh short positions.

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Nifty:

Bank Nifty:

FIIs were net buyers of Rs.512.44 crores whereas DIIs were net sellers of Rs.1703.87 crores in the cash market for the last trading session. Nifty would see strong support at 18380-18315-18240-18170 whereas strong resistance would be seen at 18515-18580-18615-18660 levels. EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.

NSE Nifty: (18477) The support for the Nifty is 18380-18315-18240-18170 and the resistance to the up move is at 18515-18580-18615-18660 levels.

NSE BankNifty: (39685) The support for Bank Nifty is 39515-39380-39270-39215 and the resistance to the up move is 39770-39888-39940-40025 levels.

BSE Sensex: (61766) The support for the Sensex is 61615-61505-61440-61365 and the resistance to the up move is at 61880-61960-62110-62240 levels.

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